THE ROLE OF NIGERIA EXPORT PROMOTION COUNCIL (NEPC) AND SOME FINANCIAL INSTITUTIONS IN NON-OIL EXPORT PROMOTION
THE ROLE OF NIGERIA EXPORT PROMOTION COUNCIL (NEPC) AND SOME FINANCIAL INSTITUTIONS IN NON-OIL EXPORT PROMOTION
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Date
1992
Authors
MUSAJO, ABUBAKAR A.
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Abstract
"The sharp decline in Nigerian's non-oil
exports since independence in 1960 has
been identified as one of the structural
deficiencies hampering the nations economic
growth" 1992
Harry Olufunwa, staff reporter Financial
Guardian.
In the 1960s, the sale of agricultural products beyond the
Nigeria's borders formed the main-stay of it's foreign exchange
earnings. However, the emergency of crude petroleum inforce in
the early 70s turned the course of events. Oil became the
dominant export commodity that constituted over 90% of the
country's forex earnings. The traditional exportable
agricultural raw materials were neglected and efforts to
manufacture for exports were not made. The adverse effects of
these developments later became obvious with fluctuations in
demand and price in international oil market. The situation
was made worse by the resklessness with which the country's
forex was mismanaged. Thus, the country was trapped in a dual
economic problems of both the internal and external sectors.
Internally the problems of unemployment, low capacity
utilisation etc manifested themselves while externally balance
of payment problems and in debtedness worsened. It therefore,
became obvious that bold steps were necessary to salvage the
economy. The situation therefore, demanded for deliberate and
proposedful policies to address the socio-economic problems
mounting over the years and the redirection of the country
toward productive economic activities that would provide for
growth in the short-run, sustain it and ensure long-term
develpment.
The foundation of this bold attempt was laid down when in 1986
the Federal Government introduced a collection of programmes
and measures, aimed at the promotion and development of export
business in Nigeria. Emphasis was on diversification of the
country's export base through non-oil exports. Since the
inception of the new export policy, non-oil exports have been
on the increase.
Description
THE THESIS SUBMITTED BY DEPARTMENT OF ARTS .FACULTY OF ADMINISTRATION AHAMADU BELLO UNVERSITY ZARIA.
Keywords
ROLE,, NIGERIA, EXPORT,, PROMOTION COUNCIL,, COUNCIL ,, FINANCIAL,, INSTITUTIONS,, NON-OIL,